JAKARTA – The revenue and profit of PT Buana Lintas Lautan Tbk (BULL) significantly soared following the increasing rates of tankers seen throughout January-September 2022. The tanker rates are said to be affected by external factors, including the COVID-19 lock down relaxation in China.
Krisnanto Tedjaprawira, Corporate Secretary of BULL, claimed that the company managed to gather USD 92.3 million of revenue and score USD 27.21 million of gross profit in Q3 2022. “The tanker rates, in average, rose from USD 14,991 per day in 2021 to USD 45,711 per day within the past nine months in 2022,” he explained further, quoted Thursday (15/12).
According to Tedjaprawira, the trend of increasing tanker rates was still pertinent at the end of the third quarter of 2022. Even more so, as of December 9, 2022, the tanker rates hit USD 128,551 per day. Therefore, the company’s performance is projected to steadily improve next year as the tanker rates grow higher and several vessels are fully operated following regular docking.
Furthermore, other external factors that will conjointly boost the tanker rate include the secondary sanctions on Russian exported oil and its derivatives, which will be imposed on February 5, 2022, as well as China’s decision to relax its COVID-19 lockdown policy. (LK/ZH)